Gains or Losses Resulting from the Translating of Foreign Currency

question 23

Multiple Choice

Gains or losses resulting from the translating of foreign currency denominated operations into the reporting currency are recognised in income:

• A) only if they are material items.
• B) only when they are settled in cash.
• C) in the reporting period in which they arise.
• D) only when the interest in the foreign operation is sold.

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Definitions:

File Storage

A system for saving data in a computer or on the internet, so that it can be used in the future.

ROM

Read-Only Memory, a type of storage medium that is used to store firmwares that are seldom changed during the life of the system.

RAM

Volatile memory in computing that is used to store data temporarily while a computer is running, facilitating quick access by the processor.

Libraries

Collections of resources or data in computing, used for storing files, documents, or code libraries in organized manners for easy access and management.